What is the equilibrium price for little john burgers

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Reference no: EM133400038

Questions:

1. 0n the supply and demand graph you created, label the equilibrium price.

2. What is the equilibrium price for Little John's Burgers?

3. Label the supply and demand curve lines with an S and D.

4. Mark with a yellow pencil and label where on the graph a surplus would be for the producer.

5. Mark with a red pencil and label where on the graph would be a shortage for the producer.

6. As the price for Little John's Burgers increase, what occurs with demand?

7. As the price for the burgers decrease. what will Little John's decide to do?

8. What occurs it the producer sets the price for a burger at 510?

Reference no: EM133400038

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